Arc Estates Limited Filleted accounts for Companies House (small and micro)

ARC ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02628667

ARC ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 August 2021

ARC ESTATES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

ARC ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	–	7,409

CURRENT ASSETS

Debtors	6	95,992	99,360
Cash at bank and in hand		374	7,789
		--------	---------
		96,366	107,149

CREDITORS: amounts falling due within one year	7	( 101,993)	( 109,910)
		---------	---------
NET CURRENT LIABILITIES		( 5,627)	( 2,761)
		-------	-------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 5,627)	4,648

CREDITORS: amounts falling due after more than one year	8	( 14,036)	( 17,171)
		--------	--------
NET LIABILITIES		( 19,663)	( 12,523)
		--------	--------

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	( 19,665)	( 12,525)
	--------	--------
SHAREHOLDERS DEFICIT	( 19,663)	( 12,523)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ARC ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2021

These financial statements were approved by the board of directors and authorised for issue on 27 May 2022 , and are signed on behalf of the board by:

Mr R Sacker

Director

Company registration number: 02628667

ARC ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

All fixed assets are initially recorded at cost. Where unlisted investments have been revalued these are stated at market value.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment	-	20% straight line
Motor vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2020: 1 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 September 2020 and 31 August 2021	26,414	25,728	52,142
	--------	--------	--------
Depreciation
At 1 September 2020 and 31 August 2021	26,414	25,728	52,142
	--------	--------	--------
Carrying amount
At 31 August 2021	–	–	–
	--------	--------	--------
At 31 August 2020	–	–	–
	--------	--------	--------

6. Debtors

	2021	2020
	£	£
Other debtors	95,992	99,360
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	–	9,189
Other creditors	101,993	100,721
	---------	---------
	101,993	109,910
	---------	---------

The bank overdrafts are secured by a fixed and floating charge over all the company's assets.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Other creditors	14,036	17,171
	--------	--------

9. Directors' advances, credits and guarantees

At the year end the company was owed £72,447 (2021:£72,447)by its directors this amount has interest charged at a rate of 3.5% pa and is repayable on demand.